Standard Forms Spotlight: Client Identification and CREA Form Changes
CATEGORY: Standard Forms
TAGS: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) Identity Verification Standard Forms Spotlight
With the Financial Transactions and Reports Analysis Centre of Canada's (FINTRAC) latest regulatory amendments coming into effect on June 1, BCREA will retire the one-page BCREA Individual Identification Information Record as of May 31. The FINTRAC amendments redefine when brokerages enter into business relationships and as such, this one-page form will no longer meet brokerage’s identification verification requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act). You can learn more about why this form is being retired here.
As of June 1, you should use the Canadian Real Estate Association’s (CREA) Individual Identification Information Record, or a similar form provided by your brokerage that contains all the necessary information for client identification. CREA has updated its form to reflect the June 1 amendments and it’s now available for download from WEBForms®.
CREA has a number of additional resources and forms available to help you meet your new and revised anti-money obligations, including an updated FINTRAC office policy, updated FINTRAC FAQ, a new Politically Exposed Person/Head of International Organization Checklist/Record, a new Beneficial Ownership Record and updated versions of several other forms. You can download the new and updated forms from WEBForms®.
To learn more about the June 1 FINTRAC amendments and access resources from BCREA, CREA, FINTRAC and the Real Estate Council of BC, click here.
To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.
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